SC to deliver verdict on Subrata Roy's plea on Tuesday

May 05, 2014 20:03 IST

The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.

A bench of justices K S Radhakrishnan and J S Khehar, which had reserved its order on April 21, will pronounce the judgement.

It may also consider Sahara's proposal for paying Rs 10,000 crore for getting bail to its chief Subrata Roy and two directors who are in Tihar jail in judicial custody since March 4.

The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore out of which Rs 5,000 crore has to be in bank guarantee and rest Rs 5,000 crore in cash.

Roy and the other two directors of the Group have been in in jail for two months for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.

In the meantime, the group today placed details of property owned by it before the court.

Sahara group submitted that Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the apex court's order. It also pleaded that its bank accounts frozen by the court on November 21 last year be defreezed.

The 65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying over Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.